SACRAMENTO—Centerline Capital Group, a provider of real estate mortgage services for affordable and conventional multifamily housing, has refinanced three multifamily properties located in Sacramento. The loans—all Fannie Mae, fixed rate loans—carry terms that range from seven to 10 years and will be used to refinance the client’s maturing loans on Cedar Ridge, Stonegate, and Sunrise Center Apartments.
The properties are all located in the Sacramento MSA and include:
Cedar Ridge Apartments is comprised of 274 multifamily units housed in 17 buildings, including 16 two-story residential buildings and one single-story leasing office. Built in 1985 and situated on 10.62 acres, located at 4945 Mack Rd.
Property amenities include a leasing office with a clubhouse outfitted with a kitchen, two pools and a spa, and two laundry facilities. Cedar Ridge also offers 451 parking spaces including 223 carports and 228 open spaces.
Stonegate Apartments consists of 288 multifamily units in 23 buildings including 22 two-story residential buildings and one single story leasing office. Built in 1979 on 12.32 acres, located at 5445 Mack Road – one block away from its sister property, Cedar Ridge Apartments.
Amenities at Stonegate include three small pools and three laundry facilities with 24 washers and dryers distributed in the facilities. The property also has 576 parking spaces including 288 carports and 288 open spaces.
Sunrise Center Apartments is made up of a total of 171 multifamily units in 21 buildings including an attached single story leasing office. Located at 5933 Sunrise Vista Drive, Sunrise Center sits on 7.61 acres and was built in 1973. The Property has an outdoor pool and spa, and a laundry facility with 12 washers and 13 dryers. Sunrise Center also has 252 parking spaces including 148 carports and 104 open spaces.
“What was unique about this deal was that all three properties had existing conduit loans that were maturing in April 2014,” explains Jon Killough, SVP at Centerline Capital Group. “Centerline was able to provide the borrower with Agency grade replacement debt, at relatively low loan-to-values. Cedar Ridge came in at 67%, Stonegate Apartments at 68%, and Sunrise Center at 55%. We were pleased that these loans came together so well for Mr. Peter Afrooz and his mother, Mrs. Daisy Afrooz – first time Centerline clients.”
Peter Afrooz notes that “Centerline effectively structured this multi-property portfolio in a timely fashion, and we are very pleased with the outcome … This was a complex transaction in that we needed to close quickly give the impending maturities, but also create a plan through the financing for necessary capital repairs to each site over the next 12-months. We hope to partner again with Centerline in the near future.”
The Centerline deal team included Killough and Philip Melton.